Old Mutual has two luxury consumer deals in its sights

Old Mutual’s private equity unit is making two $20 million to $25 million investments in consumer-facing businesses this month in a bet that high-end spending will be resilient in the face of South Africa’s contracting economy. Bloomberg reports that the insurer agreed to a $23 million investment in an unnamed company last week, and has plans to execute a similar transaction before the end of the month.